If you are running 14.04 release of 32-bit system, the "About Opera" page will indeed look like this:
Version: 45.0.2552.898 - Opera is up to date
Update stream: Stable
System: Ubuntu 14.04.5 LTS (x86; XFCE)
Most recent discussion dated November 2017, was found as this thread on Opera forums, which gives a direct answer from a moderator.
Nope, support for Linux 32 bits has been ended.
For official information, this dated post "Frequently-asked questions about Opera for Linux" in late December 2014 on Opera blogs that mentioned only 64-bit Opera is provided for recent releases.
Is Opera available for 32-bit Linux?
The latest stable version of Opera for Linux is 64-bit only, based on what most Linux desktop users have installed. However we have developer versions of 32-bit Opera^1.
^1 This link points to another dated post featuring Opera Developer 30 in 2015. Link has been quoted anyway, since the post mentioned the decline usage of 32-bit Linux systems.
The "Browser upgrade required" restriction seems to be added recently. I was still able to use VPN service from Opera for Linux until end of 2017.
Anyway, recent versions of Opera for Linux is for 64-bit systems only.